The Aberdeen-based business has added Global Gas Supplies, a provider of diving gases to the oil and gas industry, to its portfolio following a £22 million deal.
This acquisition is part of Dominion’s strategy of expanding its operations internationally, a plan its management stated during the buy-out.
The deal was backed by private equity firm Graphite Capital, which also supported the transaction in June. Debt was provided by the Aberdeen office of RBS Structured Finance.
This deal increases the group’s international coverage, especially in Azerbaijan, Singapore and West Africa where Global Gas has a strong presence. The transaction also increases the group’s workforce to 70 from 52.
Dominion’s chief executive, George Yule, said this is a positive move for the company in its bid to become a state-of-the-art gas filling plant and an on-site training academy.
Global Gas was sold by its founder, Keith Pirie, who reinvested some of his proceeds from the deal to become a shareholder in the combined group and also takes a seat on Dominion’s board as international sales and business director.
Graphite partner Anne Hoffmann said the firm believes in supporting its portfolio companies’ development plans. “We said at the buy-out that we would work with George and the team to exploit Dominion’s strengths and grow the business internationally. The acquisition of Global Gas Supplies creates an even better platform for further expansion.”
Dominion mixes on site the diving, industrial and scientific gases it supplies and analyses them in its own laboratory. The business was established in 1987 and today has two bases in Norway.